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Rand plunges after poll shows surge in support for Zuma’s MK party

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2024-Elections Anc Ed-Stoddard Financial-Markets I News

South Africa Latest News,South Africa Headlines

The rand by late Wednesday afternoon had fallen to 18.79/dollar from 18.44/dollar earlier. The losses were initially triggered by the poll and then gained momentum after data showed that US inflation picked up pace in March, raising the prospect that US interest rates will remain high for longer.

Illustrative image | South African bank notes. | uMkhonto Wesizwe member wearing a cloth bearing former president Jacob Zuma's face outside the Gauteng Division of the High Court in Johannesburg..

The rand on Wednesday got knocked off the strongest levels it reached yet this year after a Bloomberg report about a new poll showing a surge in support for Jacob Zuma’s uMkhonto Wesizwe party – largely at the expense of the ANC. The Electoral Court earlier this week cleared the way for Zuma to be a parliamentary candidate for MK, dramatically raising the stakes in the election.The poll, conducted by the Social Research Foundation , showed the ANC with only 37% support, while MK got 13%.The SFR three months ago, before it conducted its surveys, was forecasting Zuma’s party would only get 1% or 2% of the vote.

Source: Loan Digest (loandigest.net)

 

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